Econ 101 final - Study guides, Class notes & Summaries

ECON 101 FINAL EXAM QUESTIONS WITH COMPLETE ANSWERS

In a competitive market, excess demand for a good exists whenever....? a. resources are scarce b. the current price is below the equilibrium price c. the current price is above the equilibrium price d. sellers are subject to the constraints imposed by input prices and technology e. the quantity supplied at the current price exceeds the quantity demanded correct answers b. the current price is below the equilibrium price Which of the following is an example of a stock variable? a. The amo...

ECON 101 FINAL EXAMS WITH CORRECT ANSWERS factors of production - CORRECT ANSWER-inputs used to produce goods and services production function - CORRECT ANSWER-the relationship between the quantity of inputs used to make a good and the quantity of output of a good marginal product of labor - CORRECT ANSWER-the increase in the amount of output from an additional unit of labor diminishing marginal product - CORRECT ANSWER-the proper whereby the marginal product of an input declines...

Final Exam Econ 101 2023 What behavior does the phenomenon known as comparative advantage encourage? specialization in production The government has been trying to encourage the use of fuel-efficient cars. One way it does this is by allowing fuel-efficient cars to use a separate highway lane. This separate lane encourages people to use fuel-efficient cars because those who place a high value on their scarce time may be encouraged to buy a fuel-efficient car to take advantage of the sep...

ECON 101 FINAL REVIEWED QUESTIONS AND ANSWERS supply and demand model - CORRECT ANSWER-a model of how a competitive market works competitive market - CORRECT ANSWER-a market in which there are many buyers and sellers of the same god or service, none of whom can influence the price at which the good or service is sold demand schedule - CORRECT ANSWER-shows how much of a good or service consumers will want to buy at different prices quantity demanded - CORRECT ANSWER-the amount of ...

The branch of economics that examines the impact of choices on aggregates in the economy is: A. positive economics. B. normative economics. C. macroeconomics. D. microeconomics. Answer Key: C Question 2 of 10 10.0 Points

Econ 101 FINAL exam With Questions And 100% ALL CORRECT ANSWERS

Econ 101 - Final Exam 2023 GRADED A LATEST VERSION 2OO QUESTIONS AND ANSWERS

In a competitive market, excess demand for a good exists whenever....? a. resources are scarce b. the current price is below the equilibrium price c. the current price is above the equilibrium price d. sellers are subject to the constraints imposed by input prices and technology e. the quantity supplied at the current price exceeds the quantity demanded - CORRECT ANSWERS b. the current price is below the equilibrium price Which of the following is an example of a stock variable? a. The a...